2003/05/13 City Council Resolution (11)RESOLUTION NO. 2003 -109
A RESOLUTION OF THE COUNCIL OF THE CITY OF ROHNERT PARK AWARDING
A CONTRACT TO ORRICK, HERRINGTON & SUTCLIFFE LLP
FOR BOND COUNSEL SERVICES
WHEREAS, the City has previously issued the 1994 Refunding
Certificates of Participation and the 1999 COPs (Master Equipment
Lease Program); and
WHEREAS, the City is facing a difficult financial year and
is looking at' options to reduce costs, one of which is debt
restructuring; and
WHEREAS, the City has an opportunity to restructure the 1994
COPs and the 1999 COPs (Master Equipment) and lower debt service
by approximately $1 million over the next three years; and
WHEREAS, the legal firm of Orrick, Herrington & Sutcliffe
LLP possesses the necessary professional capabilities and
resources to provide the legal services required by the City as
bond counsel; and
WHEREAS, Orrick, Herrington & Sutcliffe LLP has proposed
performing the services as Bond Counsel for this refunding
issuance for a fee of $50,000 plus out -of- pocket expenses; and
WHEREAS, the City has secured Orrick's services in the past
for other bond issues and has been satisfied with their service
NOW, THEREFORE, BE IT RESOLVED that the Council does hereby
award the contract for Bond Counsel to the firm Orrick,
Herrington & Sutcliffe, LLP.
BE IT FURTHER RESOLVED that the City Manager is hereby
authorized and directed to execute same for and on behalf of the
City of Rohnert Park.
DULY AND REGULARLY ADOPTED by the Rohnert Park City Council
this 13th day of May, 2003. CITY
MACKENZIE: AYE NORDIN: AYE SPRADLIN: AYE VIDAK- MARTINEZ: AYE FLORES: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)